The gap between what the UN summit promised and what needs to be done remains a chasm
General Assembly by Greta Thunberg, a young Swedish climate activist, was coruscating stuff. “How dare you continue to look away and come here saying that you’re doing enough when the politics and solutions needed are still nowhere in sight.” She will have seen or heard little at the’s one-day climate summit or in the wide range of get-togethers surrounding it which made up New York’s climate week to placate her wrath.
Even if all the pledges are acted on, though, the gap between what the summit promised and what needs to be done remains a chasm. If Mr Modi were to quintuple India’s renewable power capacity over 11 years, that would represent an annual growth no higher than that of renewable generation worldwide in the decade 2007-17—and he said nothing about reining in the support that India’s state-owned banks offer coal companies.
They are unlikely to stop unless demand drops off. That might happen if, or when, the regulatory war on carbon enters a new phase. A new report by Principles for Responsible Investment, an unsupported group of investors with $86trn under management, predicts “abrupt and disruptive” climate policies by 2025, as authorities wake up to the urgency of the climate challenge.
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